{"id":11626,"date":"2023-08-14T15:27:00","date_gmt":"2023-08-14T15:27:00","guid":{"rendered":"https:\/\/isafespend.com\/investing\/ford-taps-apple-exec-to-build-high-margin-digital-services\/"},"modified":"2023-08-14T15:27:01","modified_gmt":"2023-08-14T15:27:01","slug":"ford-taps-apple-exec-to-build-high-margin-digital-services","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=11626","title":{"rendered":"Ford taps Apple exec to build high-margin digital services"},"content":{"rendered":"
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\u00a9 Reuters <\/span>
\n<\/i>\n<\/div>\n

By Nathan Gomes and Paul Lienert<\/p>\n

(Reuters) -Ford Motor on Monday named former Apple (NASDAQ:) executive Peter Stern as the president of its newly formed Ford Integrated Services unit to help build new high-margin digital and subscription services.<\/p>\n

Stern, who previously oversaw Apple TV+, iCloud and Apple News+, will report to Ford CEO Jim Farley. In his new role, Stern will focus on integrating hardware, software and services across the company’s Ford Blue, Model e and Ford Pro units.<\/p>\n

Like other automakers in the United States, Ford is looking to expand beyond its traditional wholesale-to-dealer business model and build recurring revenues from services connected to its vehicles, much as Apple has built on its hardware products.<\/p>\n

Farley, in a media briefing on Monday, said a new digital vehicle architecture, due out in 2025 with the arrival of Ford’s next-generation electric vehicles, will enable the development of new services for both retail and commercial customers.<\/p>\n

“We’re not going to limit it to EVs — we’re going to put it on the F-150,” Ford’s best-selling pickup truck, Farley said.<\/p>\n

Ford now has more than 550,000 paid software and services subscribers, more than 80% of them through the Ford Pro commercial unit.<\/p>\n

That business is generating “hundreds of millions of dollars” in revenue, Farley said, “with enormous margins” of 50% and more.<\/p>\n

Stern said Ford plans to create “bundles of services” that will provide “safer, more convenient and more productive experiences.”<\/p>\n

“The basis for differentiation is shifting from the vehicles alone to the integration of hardware, software and services,” Stern said.<\/p>\n

When Stern joined Apple in 2016, the company’s services included iCloud and Apple Music.<\/p>\n

“When I left, (Apple) had over a billion customers subscriptions,” he said.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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